Why Were Railroads Such an Important Factor in the Growth

question 49

Short Answer

Why were railroads such an important factor in the growth of industrial strength in America?

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Definitions:

Midpoint Formula

A mathematical method used to calculate the elasticity of demand or supply, measuring the percentage change in quantity relative to a percentage change in price.

Unit Elastic

A situation in which the percentage change in quantity demanded or supplied is exactly equal to the percentage change in price.

Total Revenue

The total revenue produced from the sales of products or services that are central to a company's main business activities.

Unit Elastic

Describes a situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price, resulting in no change in total revenue.